SA(SH:601021) Changjiang Securities·2025-11-09 08:44Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In Q3 2025, the company reported operating revenue of 6.47 billion yuan, a year-on-year increase of 6.01%, while the net profit attributable to shareholders was 1.17 billion yuan, reflecting a year-on-year decline of 6.2% [2][6] - The company has effectively managed costs, with unit non-fuel costs remaining stable despite an increase in maintenance costs. The unit fuel cost decreased by 11.8% year-on-year due to a drop in domestic fuel prices [12] - The company is expected to benefit from short-term demand trends, mid-term cost efficiency, and long-term growth potential in underdeveloped markets [12] Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 6.47 billion yuan, up 6.01% year-on-year, and a net profit of 1.17 billion yuan, down 6.2% year-on-year [2][6] - The ASK (Available Seat Kilometers) increased by 14.1% year-on-year, while RPK (Revenue Passenger Kilometers) also rose by 14.0% [12] Cost Management - The company maintained effective cost control, with unit non-fuel costs remaining stable and unit fuel costs decreasing by 11.8% year-on-year, resulting in a total fuel cost of 1.68 billion yuan [12] - The unit operating cost was 0.29 yuan/ASK, a decrease of 4.7% year-on-year, contributing to profit support [12] Investment Outlook - The company plans to distribute a cash dividend of 798 million yuan for 2024, reflecting a payout ratio of 35.09%, which is an increase from 2023 [12] - Forecasted net profits for 2025, 2026, and 2027 are 2.23 billion yuan, 3.25 billion yuan, and 4.01 billion yuan, respectively, with corresponding PE ratios of 23.5, 16.2, and 13.1 times [12]